Property distributable in the course of a demutualization, rehabilitation, or related reorganization of an insurance company

(a) Property distributable in the course of demutualization, rehabilitation or related reorganization of an insurance company, shall be deemed abandoned 2 years after the date of the demutalization if, at the time of the demutualization: (1)(A) The last known address of the owner on the books and records of the holder is known to be incorrect; (B) The distribution or statements are returned by the post office as undeliverable; or (C) Funds distributed in the course of the demutualization, rehabilitation, or related reorganization remain uncashed; and (2) The owner has not: (A) Communicated in writing with the holder or its agent regarding the property; or (B) Otherwise communicated with the holder regarding the property as evidenced by a memorandum or other record on file with the holder or its agent. (b) Property distributable in the course of a demutualization, rehabilitation, or related reorganization of a mutual insurance company that is not subject to subsection (a) of this section shall be reportable as otherwise provided by this chapter.